Macro Morning: PMI pleasure

By Chris Becker

Following the “surprising” Australian GDP print yesterday, PMIs across Europe and the non-manufacturing ISM in the US characterised a mostly positive night on risk markets.

First, a positive PMI in Italy (first in awhile) was followed by a very strong UK services PMI reading and then positive, but weaker than expected retail sales for Europe. This didn’t help the already weak Euro which fell below the 1.23 handle and sits just above at the start of Asian trading:

The next target in this down leg is 1.20 as the daily support has vanished for the failed union currency.